Why are Accounting and Tax Preparation Businesses Considered in the High-Risk Payment Processing Category?
High-risk payments are allocated for sectors that face a higher number of fraudulent activities. This includes financial investment services, electronics, legal services, gambling services, and pharmaceuticals. Tax preparation services are also gradually becoming a permanent part of this niche as there are multiple factors that can cause payment issues.
A high-risk status is given to a company where monthly processing amounts change at a drastic rate. Tax preparation and accounting services are hard to predict, producing some slow and some busy months, especially before IRIS deadlines. With more likelihood for transactional disputes to happen, this can create risks for card processors, banks, and even the service provider.
Location is another significant payment risk. Tax preparation firms deal with clients remotely, with payments coming from different postal zones and gateways. This increases the risk of fraud and related crimes.
Xccept works to end the suffering of all businesses in need of payment processing for a higher-risk business model. We serve a large community of diverse industries around the world. You can contact us today to get a payment merchant account for your business, along with easy credit card processing.